The Department of Energy - Oil Industry Management Bureau (DOE-OIMB) said it sees fuel price reductions starting Tuesday, April 15.
The agency announced the hefty rollback over the weekend, forecasting adjustments in the price of gasoline by P3.30 to P4.15 per liter; diesel by P2.90 to P3.58; and kerosene by P3.40 to P3.50.
DOE-OIMB Assistant Director Rodela Romero said the estimates were based on last week's 4-day trading in the Mean of Platts Singapore, which was primarily due to the United States' tariff on several countries, weighing down oil markets worldwide.
Romero said motorists are assured of a rollback on Holy Week when thousands travel to various destinations in the country for the long weekend.
She said these ranges from P2.00 to P3.00 per liter are possible despite the global oil market rebounds and changes during the weekend.
Other factors include the trade tensions between US and China which reduces demand for crude oil; the expected to cut by May of Saudi Arabia's its official selling price for Asia-bound crude; and the Organization of Petroleum Exporting Countries' plan to accelerate production by May from the initial commitment of 135,000 barrels per day to 441,000 barrels per day.